Over the past 25 years, much of the success of Knoxville Habitat for Humanity can be attributed to its dedicated volunteers, many of whom have retired from their careers and focused their “golden” years on building this charitable organization.  Their commitment has been a true inspiration to the Board, the staff, and perhaps most importantly, those working to become homeowners.

Our mission and ministry have been so critically important to this community over the past quarter century, and it is our intent – as we look at the next 25 years and beyond – to move toward securing the viability of the organization in perpetuity.  An important factor in that effort will be generating an ever-growing restricted fund from those who include Knoxville Habitat for Humanity in their estate plans.

In past e-newsletters, we have discussed a few specifics about estate planning, and from that information, we have received a number of inquiries.  Several individuals noted they already had wills and did not know if they could be easily changed to include a bequest to Knoxville Habitat for Humanity.

The answer is yes.

If you already have a will (or a revocable living trust), you can have your attorney easily make a change in the beneficiary by creating a “codicil” to the will (or an “amendment” to the trust).  This process enables you to regularly shape your will to reflect significant changes in your life or the lives of those around you. (Even if you haven’t had such a significant change, it is always prudent to review your estate plan every two or three years to maintain your own peace of mind regarding the ways in which your estate will be shared.)

If you would like to include Knoxville Habitat for Humanity in your estate plan, there are several types of bequests you can use.  Two of the most popular options are a “specific bequest” through which you give a defined amount to the charitable organization, leaving the balance to be divided among your heirs or other parties, and a “residuary bequest” through which you give defined amounts to heirs or other parties, leaving the balance to the charitable organization.  Your attorney or financial advisor can share specific language to use in either of these avenues.

You can also structure your bequest to Knoxville Habitat for Humanity as a “restricted” gift for a specific purpose or in a structured fund, thereby directly impacting those aspects of our ministry in which you are particularly interested.  If you prefer, those funds could be additionally restricted as an endowed fund to be invested with only the annual interest used for the intended purpose.  This would enable the bequest to continue your support in perpetuity and broaden your positive impact to affect many more families in need. 

We have begun the planning for a free “Lunch and Learn” seminar later this year to discuss the basics of estate planning.If you would be interested in participating, or if you have any questions about estate planning before that time, please contact Archie Ellis at 523-3539 for more information.